The mortgage giant Freddie Mac just released new numbers showing continued decreasing rates for home loans. Its 30-year fixed rate is down to 4.1%, and its 15-year fixed rate is down to 3.57%. While this is not great economic news, it is great news for those who are looking for a home loan.

Rates continue to fall because of trade tensions between China and the U.S. Trumps tariffs and continued threats to increase tariffs have created an uncertain stock market. Not even strong employment numbers can strengthen predictions about the future, and weakened relations between China and the U.S. could keep mortgage rates low.

What Does this Mean for Prospective Home Buyers?

If you are thinking of purchasing a home with a mortgage anytime soon, you should get ready. Nobody knows how long rates will stay this low. A 4.1% rate is a lot less money to spend over the course of a loan, and if you can swing the 15-year fixed rate, you’ll be debt-free in less than 2 decades.

If your credit isn’t quite up to par, and you don’t think you’ll qualify for a 4.1% rate, you should work on improving it. It is quite possible that the rates will stay low for a while with this administration, but it won’t stay this way forever. You might be able to afford a home quicker than you think.

What Does this Mean for Current Homeowners?

For current homeowners, this means two things. The first thing is that you may want to look into a re-fi. Lower interest rates can take hundreds off of your monthly payment and reduce the overall amount of money you spend on interest over the term of the loan. Re-financing to a 15-year loan will improve the amount of money that is applied to your principle balance each month.

The second thing this means for homeowners is that there may be more people seeking mortgages, and this might be a good time to sell your home. It is a seller’s market, and home values have been increasing. Not only will you be able to get a higher offer for your home, but you will have more people who can successfully get loans out looking. This amounts to more successful closings, and overall, happier home sellers and buyers.

You’d be hard-pressed to find a lot of people who think the tension between China and the U.S. is great, but there has been one good result for the housing market, and that is continued decreasing interest rates.